- 學位論文
企業碳排放對經營績效影響之研究
Study on the Impact of Corporate Carbon Emissions on Business Performance
摘要
國內許多企業已意識到氣候變遷可能對其獲利產生嚴重的影響。鑑於此，建議企業應進行全面風險評估，深入研究氣候變遷可能帶來的潛在風險，並將其納入長期營運規劃，企業積極面對碳排放管理的挑戰變得不可或缺，企業在應對氣候變遷的同時，理解並揭露碳排放資訊已成為一項必要的舉措，尤其是在國際間強調淨零排放目標的時刻，揭露碳排放資訊不僅是企業社會責任的體現，也符合全球永續發展的趨勢，揭露碳排放資訊有助於提升企業的透明度，建立更強大的企業形象。 本研究主要目的在探討碳排放量對公司績效的影響。我們採用臺灣上 市櫃公司為主要研究對象，並自臺灣經濟新報(TEJ)資料庫取得2016-2020 年度共16,500筆資料。在考量產業與法規因素下，排除KY公司與金融業，並將變數有缺失之樣本剔除，最終得到有效樣本，共計3,352筆觀察值。 實證結果發現，股東權益報酬率(ROE）與企業總碳排放量(TCE)呈顯著負向關係，代表企業碳排量愈少，企業經營績效愈好。碳排放量越大，代表企業在生產過程中持續排放過多二氧化碳，將使投資人及利害關係人認為企業在環境永續發展未盡到社會責任，導致企業營業利潤的減少，影響投資人及利害關係人對企業投資意願。
並列摘要
Many domestic enterprises have realized that climate change could have serious impacts on their profitability. In light of this, it is recommended that companies conduct comprehensive risk assessments, delve into the potential risks posed by climate change, and incorporate them into long-term operational planning. Actively addressing the challenges of carbon emissions management has become essential for businesses. Especially in the international context where there is a strong emphasis on achieving net-zero emission goals, disclosing carbon emission information is not only a manifestation of corporate social responsibility but also aligns with global sustainability trends. Disclosing carbon emission information contributes to enhancing corporate transparency and building a stronger corporate image. The main objective of this study is to explore the impact of carbon emissions on company performance. We focused on Taiwan-listed companies as the primary research subjects, obtaining data from the Taiwan Economic Journal (TEJ) database for the years 2016-2020, totaling 16,500 records. Considering industry and regulatory factors, we excluded KY companies and the financial sector. Samples with missing variables were also excluded, resulting in a final dataset of 3,352 valid observations. Empirical results indicate a significant negative relationship between Return on Equity (ROE) and Total Carbon Emissions (TCE). This implies that companies with lower carbon emissions tend to have better operational performance. Larger carbon emissions suggest that companies are consistently emitting excessive carbon dioxide during their production processes, leading investors and stakeholders to perceive the company as not fulfilling its social responsibility in environmental sustainability. This, in turn, results in a reduction in operating profits and affects the willingness of investors and stakeholders to invest in the company.